Saudi firms strike deal to fund Riyadh industrial park

PHOTO: The Riyadh industrial park is set to span 1,112,000sqm and include warehouses, office spaces and labour camps. Credit: Shutterstock

Blominvest, a Saudi Arabian investment company specialising in asset management and financial advisory services, has signed an agreement with SinoGulf to work on developing an industrial park in Riyadh.

The investment firm will manage a $306 million fund under the agreement with SinoGulf, a fully integrated fund and asset manager.

The CEO of Blominvest, Abdullah Saud AlRashoud, said that the main purpose of the fund was to invest in the industrial real estate sector through the acquisition of a plot located in Eastern Riyadh.

The Al Sharq industrial project, forecast to be built over the next four years, is set to cover an area of 1,112,000sqm and include warehouses, office spaces and labour camps.

“We are excited to continue investing in the Saudi market and look forward to partnering with a reputable establishment like Blominvest. We will remain committed in delivering quality products, in line with our previous developments in the UAE and KSA,” said Hussain Al Awlaqi, chairman of SinoGulf, in a statement.